Benchmarking

Benchmarking involves comparing a business's performance metrics to industry best practices to identify gaps and improve efficiency or effectiveness. It is categorized into internal, competitive, and strategic benchmarking. Internal benchmarking uses self-set standards, competitive benchmarking compares against competitors, and strategic benchmarking aims for the highest industry standards. The goal is to enhance company performance and gain a competitive edge.

What is strategic benchmarking and how does it relate to industry standards?

In what ways can benchmarking lead to a competitive advantage for a company?